1986
DIRECTOR’S DEFERRED COMPENSATION AGREEMENT FOR A. JEROME
COOK
DIRECTOR’S COMPENSATION
AGREEMENT
This Agreement
is entered into this first day of January, 1986, between THE
JUNIATA VALLEY BANK, P.O. Box 66, Mifflintown, Pennsylvania 17059
(herein referred to as the “Bank”) and A. JEROME COOK,
311 Orange St., Mifflintown, Pennsylvania 17059 (herein referred to
as the “Director”).
WHEREAS, the
Bank recognizes that the competent and faithful efforts of Director
on behalf of the Bank have contributed significantly to the success
and growth of the Bank; and
WHEREAS, the
Bank values the efforts, abilities and accomplishments of the
Director and recognizes that his services are vital to its
continued growth and profits in the future; and
WHEREAS, the
Bank desires to compensate the Director and retain his services for
five years, if elected, to serve on the Board of Directors. Such
compensation is set forth below; and
WHEREAS, the
Director, in consideration of the foregoing, agrees to continue to
serve as a Director, if elected,
NOW, THEREFORE,
it is mutually agreed as follows:
1.
Compensation. The Bank agrees to pay Director the total sum of
$475,370 payable in monthly installments of $3,961.42 for 120
consecutive months commencing on the first day of the month
following Director’s 65th birthday. Payments to the Director
will terminate when the 120 payments have been made or at the time
of the Director’s death, whichever occurs first.
2. Death of
Director Before Age 65. In the event Director should die before
reaching age 65, the Bank agrees to pay to Director’s
beneficiary (ies) designated in writing to the Bank, the sum
of $3,961.42 per month for 120 consecutive months. Payments will
begin on the first day of the month following Director’s
death.
3. Death of
Director After Age 65. If the Director dies after age 65 prior to
receiving the full 120 monthly installments, the remaining
monthly installments will be paid to the Director’s
designated beneficiary (ies). The beneficiary (ies) shall
receive all remaining monthly installments which the Director would
have received until the total sum of $475,370 set forth in
paragraph “1” is paid. If the Director fails to
designate a beneficiary in writing to the Bank, the balance of
monthly installments at the time of his death shall be paid to the
legal representative of
the estate
of the Director.
4. Termination
of Service as A Director. If the Director, for any reason other
than death, fails to serve five consecutive years as a Director, he
will receive monthly compensation beg
